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Cadwalader, RUPA and Fiduciary Duty

46 Pages Posted: 19 Nov 2016  

Donald J. Weidner

Florida State University College of Law

Date Written: November 18, 2016

Abstract

In the summer of 1996, a state trial court applied the Uniform Partnership Act (UPA} to a national law firm's closure of a branch office. In Beasley v. Cadwalader, Wickersham & Taft, the court ordered an old-line Wall Street firm to pay more than $3.5 million in damages and attorneys' fees, including $500,000 in punitive damages, for violating its fiduciary duty by wrongfully expelling a partner in its Palm Beach office. The Cadwalader opinion is disappointing because it does not address the fundamental issue suggested by the facts, which is whether there was a rightful dissolution and reformation of an at-will law partnership. This article will explore that issue and the extent to which situations like Cadwalader are analyzed differently under the Revised Uniform Partnership Act (RUPA).

Suggested Citation

Weidner, Donald J., Cadwalader, RUPA and Fiduciary Duty (November 18, 2016). 54 Washington and Lee Law Review 877 (1997). Available at SSRN: https://ssrn.com/abstract=2872326

Donald J. Weidner (Contact Author)

Florida State University College of Law ( email )

425 W. Jefferson Street
Tallahassee, FL 32306
United States
850-644-4834 (Phone)
850-644-7527 (Fax)

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